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March 26, 2017

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Luis put $800 in his saving account whichs pays 6% annual interest How much will he have in his account in a year if the interest is compounded quarterly?

what is the first quarter principle?

  • math - ,

    There are four periods, each (a quarter) will be paid (1/4) of 6% interest.
    The accumulated amount at the end of the year will therefore be
    A = 800*(1+0.06/4)^4
    =$849.09

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